Everton chief Robert Elstone says money raised from sales has been invested in keeping hold of players and improving facilities.

Elstone explained the situation to fans in a blog on the club's website.

"Even if these attendances and TV appearances pick up, out of what's left, significant money has gone on new deals for Marouane Fellaini and Ross Barkley, we've brought in James McFadden, Marcus Hahnemann and Landon Donovan and our newest arrival, Darron Gibson," he said.

"It feels like we're getting the most for our money and whatever money is left will be stretched, squeezed and re-invested.

"The Chairman and the Manager have spent the last two months looking at several more potential acquisitions and as always, on all football-based matters at Everton, it will be the Manager making the decisions.

"The money flows into Finch Farm - in player wages, transfer fees, and the expenses of one of the country's best training grounds and academies."